[Tench_Coxe]

There is not a lot of fanfare about this from the mockingbird media. I have some suspicions why, mainly along the "kids are really quiet" theory.

But if its upheld, everyone else will get a chance to experience something similar to what Trump is going through in the Letitia James case in New York.

[napscoordinator]

Weirdly trump is the one who signed this new tax into law. So the slogan “you reap what you sow” is very valid.

[ProudDeplorable]

This is how they will impose the wealth tax and it won’t just affect the “wealthy”.

[Montana_Sam]

More than half of the justices on the USSC, including Chief Justice Roberts, foolishly subscribe to the social justice, socialistic model of society. I’m hoping for the best, but not confident.

[beethovenfan]

It’s clear now that when Democrats say “pay your fair share” it means “give us everything you have”.

[Robert DeLong]

So, the question I have is, was this something the Democrats stuck into the tax act of 2017, or was it the GOPe RINOs who purposely sabotaged the 2017 tax act? Did the Uni-party conspire together to add this ticking timebomb in?

We no longer can trust either party & the criminal elements pervasive in the Uni-party whose goal it is to screw & destroy the Middle Class.

People had better unite instead of continuing this Republican/Democrat charade that has been arrayed against the people for far too long now.

[1Old Pro]

I’d have to learn more about the specifics of this case. If there is a ruling, it will be narrow and not effect your house unrealized gains or unrealized stock capital gains imho.

[Heartlander]

One of the biggest scams in life:
Paying taxes on money you make, taxes on money you spend - and taxes on things you own that you paid taxes on with already taxed money...

Our Founders are rolling in their graves...

[Alberta's Child]

It would, in theory, permit the IRS to tax an increase in the value of your home as a capital gain — whether you have sold it or not.

The author undermines his argument by presenting an outlandish scenario. The tax provision in question in this Supreme Court case was enacted into law by Congress in 2017. It's not some arbitrary IRS decision that has been made under the agency's regulatory authority.

[bigbob]

Maybe this would jolt the stupid Millennials, Gen-X, and the rest of their ilk into realizing the socialist government they’re been begging for ain’t exactly what they thought it was.

[goo goo g'joob]

This reminds me of back in the dotcom heyday...

exercising stock options would trigger a tax due on the difference in option award price and option exercise price - even with out a stock sale

many folks lost it all under the following (common) scenario:

stock option award $1, stock option exercise $40 (tax on $39 due) - then come next April in time to pay the tax the stock is now $2 - bankruptcy

I think this has been fixed to some degree (not in that game anymore)

[glorgau]

I can see it now. When a stock goes up 10% in a day you’ll have to pay estimated taxes on the unrealized gain.

[zeugma]

Oral arguments will be posted here this afternoon.

https://www.supremecourt.gov/oral_arguments/argument_transcript/2023

I suspect most of the questioning will be procedural. Even Thomas will be squeamish about uncovering some of the darker side of the IRS

[desertsolitaire]

I believe these “unrealized” profits or income streams used to be call imputed income. That is, it’s not the Govt’s fault you don’t rent out tour vacation cabin or deer cabin all the other weeks you don’t use it yourself and THRT TAX UIU ON WHAT THET ESTIMATE YOU MIGHT HAVE MADE IF YOU WEREN’T SO LAZY OR SELFISH AS TO KEEP IT FOR YOURSELF. I can’t imagine this being American and flying from SCOTUS but who knows?

[Wuli]

So in the 2017 tax cut legislation the idiots in the GOP got the tax cuts they wanted and for a little Dim support they got a trojan horse in what constitutes income. It’s a testament to the perrenial unobservant GOP members of Congress, who like their Dim opposents rarely read any bill in its entirety, nor demand their staffs do that in an effort to look out for the bad trojan horses in it.

[Political Junkie Too]

Any tax on unrealized gains that requires one to sell the underlying asset in order to pay the tax is confiscatory and a violation of the 5th amendment takings clause.

If a tax on the unrealized appreciation of a family's home forces the family to sell the home in order to pay the tax on it, it is an illegal taking for public use (the taxes) without compensation.

-PJ

[Sequoyah101]

It has already happened for ages. In 2021 many of us paid large to huge amounts of tax on cap gains that year. Many no longer had those gains in 2022 when the taxes were paid. I am still suffering huge IRMA charges on those gains I no longer have. Uncle sugar takes taxes on cap gains the year they are realized and niggardly doles out deductions for losses until they are exhausted or expire.

There is nothing fair about he tax code, not even logical. The tax code exists to favor friends and punish enemies.

[Faith65]

Following...

[zeugma]

Oral arguments before the court:
https://www.supremecourt.gov/oral_arguments/argument_transcripts/2023/22-800_097c.pdf

Just started reading. This should be interesting.